Scottish Property Market Update

Property Market Update

28 Aug Scottish Property Market Update

Scottish property market in summary

  • The average selling price in Edinburgh, the Lothians, Fife and the Borders from May until July 2019 was £256,730. This was a 4.1% increase year on year.
  • Sales volume in these areas over the past three months rose by 8.2% annually.
  • The volume of properties coming onto market decreased by 6.3% in Edinburgh, the Lothians, Fife and the Borders annually.
  • The average percentage of Home Report valuation achieved was 103.2% between May and July 2019, compared to 105.1% last year same period.
  • The average selling time across Edinburgh, the Lothians, Fife and the Borders was 21 days over the past three months, which was 3 days slower than last year.

Average selling prices in Edinburgh, the Lothians, Fife and the Borders

The average selling price in Edinburgh, the Lothians, Fife and the Borders was £256,730 over the past three months, making it a 4.1% increase comparing year on year. The average selling price In Edinburgh was £276,582, which was a 4% increase annually.

Looking specifically at Edinburgh, the biggest increase in average selling price was seen on three-bedroom houses in Blackhall, Davidsons Mains, Silverknowes, Cramond, Barnton and Cammo, rising by 13.1% to £400,605. In Abbeyhill and Meadowbank, one-bedroom flats saw an increase of 9.9% in average selling price, escalating to £170,362.

In West Lothian, the average selling price fell by 21.2%, dropping to £169,335 from May to July 2019. This was mostly down to a greater quantity of higher value homes being sold last year.

The average selling price in East Lothian rose by 6.7% compared to last year, while in Midlothian the average selling price increased by 4.7%.

In West Fife & Kinross, the average selling price grew by 6.1% year on year. Dunfermline saw the average selling price of homes rise by 4.5% to £173,933. In East Fife, the average selling price increased by 3.6%. The average selling price of properties in the Borders, decreased by 3.8% annually falling to £225,898.

Sales volume and number of properties coming onto the market

Sales volume in Edinburgh, the Lothians, Fife and the Borders increased by 8.2% annually from May to July 2019. In Edinburgh, the sales volume increased by 9.5% year on year. This increase is largely due to a growing number of homes coming to market towards the end of 2018 and start of 2019, helping to meet some of the strong demand for property. However, the number of homes across all these areas coming to market decreased by 6.3% annually and by 4.2% within Edinburgh.

Proportion of Home Report valuation achieved

The average percentage of Home Report valuation achieved Across Edinburgh, the Lothians, Fife and the Borders was 103.2% from May to July 2019. Smaller flats close to the centre of Edinburgh turned out to be highly popular with one-bedroom flats in Polwarth, Shandon and Tollcross achieving 108.3% of Home Report valuation on average and one-bedroom flats in Abbeyhill and Meadowbank achieving 108.2%.

Selling times

The average time to sell of properties across all areas between May and July 2019 was 21 days, 3 days slower than last year. In Edinburgh, the median time to sell was 19 days, which was also three days slower than 2018.

One-bedroom flats in Abbeyhill and Meadowbank, two-bedroom flats in Portobello and Joppa, one-bedroom flats in Polwarth, Shandon and Tollcross boasted a median selling time of 13 days from May to July.

Rising house prices indicate strong demand

Business Analyst at ESPC, Jamie Fraser-Davidson, said: “Over the past three months, we’ve seen the volume of residential property sales in Edinburgh, the Lothians, Fife and the Borders continue to increase compared to last year. This is due to a rising volume of properties coming to market at the end of 2018 and start of 2019.

“However, in the last three months we have seen a fall in the number of properties coming to market compared to last year. Sellers may be becoming less confident as Brexit approaches but rising selling prices and sales volumes show that demand remains strong.

“The Bank of England’s decision to keep the interest rate at the current level of 0.75% is good news for borrowers. However, with fewer properties coming to market, lack of supply and high demand will likely continue driving up selling prices in the area, making it tricky for first time buyers to get on the property ladder.”

If you are looking to sell your property, the first thing you’ll need is a Home Report. We are RICS Charted Surveyors specialising in Home Reports across Scotland from as little as £85. Get in touch today to arrange a time to suit you. We offer early morning or evening and weekend appointments. Call us on 0131 608 0175 or email us at info@homereportcompany.co.uk

 

 



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